A lot of first time home buyers have been pushed out of today’s buying market because of tighter restrictions by traditional lenders. Tightened underwriting guidelines and raised minimum credit requirements have virtually put a hold on home ownership for many. Home sales have slowed drastically, sellers are losing their houses because they can’t afford more than one mortgage, and buyers face an uphill battle with getting a loan. A lease-purchase is a fantastic option for sellers and buyers in hard positions.
A lot of people have been hit hard by credit companies, and as a result their credit scores have suffered. A lease-purchase is an opportunity for the buyer to repair their credit, put a portion of rent each month towards the purchase of the home, have time to qualify for a mortgage, and ultimately become a home owner. And with a tough selling market, the seller can breathe a sigh of relief knowing that he/she can pay the mortgage until the purchase is complete. The seller also knows how much the house will sell for and roughly when the sale will be. It is a win-win situation for both buyer and seller!
-ASHLEY DEROSS, Georgia Residential Partners, LLC (GaInvesting.com)
